Handelsbanken converts UK branch into standalone business ahead of Brexit

By Bruno Reis

The Stockholm-headquartered bank, Handelsbanken, has announced the conversion of its branch in the UK into standalone business.

“In accordance with previous decisions, operations are being restructured from an international branch to a subsidiary within the Handelsbanken Group,” the company stated in its press release.

The Swedish firm’s UK-based operations have formed into a subsidiary that will prevent future complications as a result of the nation departing the European Union (EU).

SEE ALSO:

“This change means that Handelsbanken is creating a strong basis and a long-term platform to support the Bank’s UK customers, regardless of the outcome of Brexit.”

The firm manages more than 200 branches across the UK, with Handelsbanken’s lending in the country growing by 327% since 2008, and its deposits expanding by 886%.

The subsidiary, Handelsbanked plc, will have a CET1 ratio above the capital requirement of 13.9% set by the Prudential Regulation Authority.

Share

Featured Articles

Top 10 largest revenue generating family businesses in MENAT

From the UAE to Turkey, these family firms are the largest by revenue in MENAT and cover everything from energy to entertainment

Top 10 metaverse projects in the UAE, including world firsts

As Accenture predicts the metaverse will fuel a US$1 trilion commerce opportunity by 2025, we round up 10 pioneering metaverse projects in the UAE

PwC’s survey shows Middle East CEOs remain upbeat on growth

CEOs in the Middle East are far more optimistic about regional growth than those in North America and Europe, according to PwC’s annual survey

Opinion: “Why we must tackle the digital skills crisis"

Leadership & Strategy

5 Mins With: Kathryn Kaminsky Vice Chair Trust Solutions PwC

Leadership & Strategy

Survey: The Future of Cloud Security in the Middle East

Technology